reporting as Small Bank

Posted By: New to CRA

reporting as Small Bank - 01/31/17 05:14 PM

New to CRA and need to know where I can get info on reporting as Small Bank. Previously we had reported as Large Bank. When you report as small bank must you submit your data by March 1st? Any guidance or help will be appreciated.
Posted By: RR Jen

Re: reporting as Small Bank - 01/31/17 05:30 PM

Who's your regulator? They have some pretty good stuff. I also use the FFIEC's site a lot.

https://www.ffiec.gov/cra/default.htm

As a small bank, you're not required to report your loan data but the deadline is the same if you choose to do so voluntarily.
Posted By: Kathleen O. Blanchard

Re: reporting as Small Bank - 01/31/17 05:56 PM

Exactly, if you choose to report as a small bank all rules and deadline is the same. If you choose not to report, do prepare your data and analyze it. The biggest downfall of small and intermediate small banks in exams is lack of preparation. Have your data geocoded, know what your short comings are and address them, etc. The submission is not the key, the preparation and analysis is the key.
Posted By: New to CRA

Re: reporting as Small Bank - 01/31/17 08:54 PM

Thank you both. We report to Fed
Posted By: New to CRA

Re: reporting as Small Bank - 01/31/17 09:43 PM

so whether we report as small or large bank we still need to submit data by March 1st???
Posted By: RR Jen

Re: reporting as Small Bank - 02/01/17 06:38 PM

Yes, March 1 is the deadline.